The government has said it envisions Micro, Small and Medium Enterprises (MSMEs) to contribute 2 trillion dollar to the country's target of becoming 5 trillion dollar economy by 2024.

"The Indian economy is likely to emerge as one of the leading economies in the world, with an envisioned GDP of 5 trillion dollar economy by 2024. Our vision is to ensure that at least a contribution worth 2 trillion dollar comes from MSME sector," the MSME ministry said in its year-end report.

In its report, the ministry also claimed that 65,312 new Micro Enterprises have been set up while 5,22,496 employment opportunities have been generated so far, Under Prime Minister's Employment Generation Programme (PMEGP).

PMEGP is a major credit-linked subsidy programme being implemented by the Ministry of MSME since 2008-09. The Scheme is aimed at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector by helping traditional artisans and unemployed youth in rural as well as urban areas.

In its year-end review for this year, highlights various schemes, initiative adopted to boost MSME. The ministry has taken numerous steps during the year for technology advancement, skill development and job creation for empowerment of this sector.